Sri Lankan Ambassador to Russia Janitha Liyanage relayed to Sputnik on Tuesday that the Sri Lankan government is welcoming and discussing investment opportunities from Russian businessmen.

Liyanage said, "Sri Lanka is open for investment, and we are discussing with Russian entrepreneurs, and Russian construction companies … There are a lot of opportunities for Russians," as she openly invited Russian-based companies to open branches in the country. 

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According to the ambassador, future plans include the country's intent to open a trading house in Russia for deliveries of tea, coconut-based goods, and spices.

The minister of transport and the minister of industry and agriculture of Sri Lanka are due to visit Russia in March and April, per Liyanage, who also confirmed her plans to attend the St. Petersburg International Economic Forum in the summer of this year. Invitations for the rest of the country's representatives are still pending. 

Attempts to revive the economy

This is not Sri Lanka's first effort to collaborate economically with Russia.

The Sri Lankan government has been discussing with Russia the possibility of joining its MIR payment system, with the discussion being underway between the Central banksو as revealed by Sri Lankan Minister of Transport and Highways, and Minister of Mass Media Bandula Gunawardena, to Sputnik in September. 

The country seems to seek recovery attempts to revive its economyو as it is collapsing under the weight of massive debts, reduced tourism earnings, and other pandemic-related repercussions, as well as rising commodity prices.

As a result, the country is on the verge of bankruptcy, with little money to import fuel, milk, cooking gas, and toilet paper. In addition, the country is experiencing record-high inflation and lengthy power outages, all of which have contributed to months of protests.

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Sri Lanka is in a political impasse as a result of the country's greatest economic crisis since its independence in 1948. Colombo declared an interim default on its external debt in mid-April, awaiting a restructuring of these liabilities through an IMF-supported economic adjustment program. The external debt of Sri Lanka is projected to be $51 billion.